In the wake of mini rally on Wall Street and solid recovery in Asia, opened the Oslo Stock Exchange up Wednesday morning.
Since then, however, the mood reversed, and at lunchtime falls main index 0.54 percent to 571.63.
Oil prices
Brent oil falls at noon Wednesday with 1.01 percent to $ 36.44 a barrel, while WTI oil is down 2.18 percent to $ 33.65 a barrel.
In comparison, a barrel of North Sea oil traded at $ 36.01 a barrel at the close of trading on Wednesday.
oil prices rose Tuesday to a two-month peak, as market players according to the Wall Street Journal and TDN Finans focused attention on the possibility of an agreement between major oil producers.
Russia’s Energy Minister Alexander Novak said Tuesday that a “critical mass” of oil-producing countries have agreed to freeze oil production, according to the state news agency Tass.
Market participants are not sure whether the measure will help to bring down supply surplus on oil since production was high in January, and Iraq has said that the country will participate in the agreement.
Meanwhile notified trade association American Petroleum Institute (API) on Tuesday evening that oil inventories in the US rose by 9.9 million barrels during the week until 26 February.
Analysts awaiting according to the Wall Street Journal that stocks will have risen by 2.6 million barrels in the same period, when the US energy information office Wednesday afternoon publishes the official stock figures .
– Any recovery we are going to see will be subdued due to the high inventories. We really need to see production cuts, if we are to experience any sustained rise in oil prices, says analyst at Fat Prophets in Sydney, David Lennox, to Bloomberg News, according to news agency.
Statoil falls 0.63 percent to 126.50 million.
Billion sale
One of today’s major news is John Fredriksen’s sale of 37.8 million shares in Marine Harvest, corresponding 8.4 percent of the company, to a price of 117.00 million.
After the transaction, he sits however left with 79.6 million Marine Harvest shares, equivalent to 17.67 percent of the company.
Analysts DNB Markets and Danske Bank Markets says Intrafish that “it is not unnatural” that Fredriksen wants to adjust the portfolio. Meanwhile, they do not think he needs the money to other companies.
The share falling 5.95 percent to 118.50 kroner on the Oslo Stock Exchange.
– The shares are priced historically high while earnings are record. He might choose to rebalance the portfolio, is not quite unnatural, says Danske Bank Markets analyst Knut Ivar Bakken according to TDN Finans Intrafish.
Seller big post
On Wednesday morning it was announced Raleigh Europris Holding BV has sold 20 million shares in Europris, representing 11.98 percent of the company, at a price of NOK 39 per share.
Following the transaction NC Europris Holding B.V. 54,619,558 shares in Europris, representing 32.71 percent of the shares.
Meanwhile, there are reports also that Folketrygdfondet Wednesday bought 2.5 million shares in Europris.
Europris share falls now entire 10.32 percent to 39.10 crowns.
Billion Smell
The earnings season is on the wane, but Subsea 7 on Wednesday added present its 4Q. The figures did not reach anywhere near up to analysts’ expectations.
The company reported a profit after tax of minus 421.0 million, corresponding to 3.6 billion in Q4 2015, compared to minus 976 , $ 8,000,000 in the same period last year. According to TDN Finans was expecting a profit of $ 62 million.
The share falling 6.52 percent to 53.75 crowns.
Final agreement
Reitan Group Uno -X and Spetalen favorite Nel has now established joint venture Uno-X hydrogen.
the company will initially build 20 hydrogen stations by 2020, in Oslo, Bergen, Trondheim, Stavanger and Kristiansand – as well as on the main stretches of road between these cities.
Nel share rises Wednesday afternoon with 2.60 per cent to 3.16 million on the Oslo stock Exchange.
Included conciliation
Kvaerner subsidiary Kvaerner AMC have reached a settlement Amec Foster Wheeler in connection with the Longview project and receives in this connection receives $ 70 million.
in addition, waiting Kvaerner a positive accounting currency effect of around NOK 200 million within discontinued operations .
Kvaerner shares climb 5.52 percent to 6.50 million.
approved bid of Opera
the General Meeting of Kunlun approved Tuesday bid from Golden Brick at Opera Software, reports TDN Finans.
– It went through yesterday by an overwhelming majority, says Chairman of Opera Software, Sverre Munck, the news agency.
the chairman also stated that the process develops in according to plan.
the share is writing flat at 67.60 crowns.
Please note that Periscopus by Trygve OBI owns four million shares, representing a stake 0.9 percent of Marine Harvest.
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